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16-01-2023, 12:50 PM
While just 5% Indians owned over 62% of total wealth in the country in 2021, the bottom 50% of the population possessed merely 3% of the wealth, according to Oxfam India’s latest report “Survival of the Richest: The India story”. The findings of the report will be shared at the World Economic Forum in Davos in Switzerland on Monday. The report further draws attention to the total number of billionaires in India increasing from 102 in 2020 to 166 billionaires in 2022.
“The combined wealth of India’s 100 richest has touched $660 billion (INR 54.12 lakh crore) – an amount that could fund the entire Union Budget for more than 18 months,” the report states. The analysis further shows that if India’s billionaires are taxed once at 2% on their entire wealth, it would support the requirement of Rs 40,423 crore for the nutrition of malnourished in the country for the next three years.
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“The combined wealth of India’s 100 richest has touched $660 billion (INR 54.12 lakh crore) – an amount that could fund the entire Union Budget for more than 18 months,” the report states. The analysis further shows that if India’s billionaires are taxed once at 2% on their entire wealth, it would support the requirement of Rs 40,423 crore for the nutrition of malnourished in the country for the next three years.
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